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American Surety and Fidelity buys and selis securities expecting to earn profits on short-term differences in price. For the first 11 months of 2024, gains from selling trading securities totaled \$8 million, losses from selling trading securities were $11 milition, and the company had earned $5 million in interest revenue. The following selected transactions relate to American's investments in trading securities and equity securities during December 2024, and the first week of 2025 . The company's fiscal year ends on December 31 . No trading securities or equity investments were held by American on December 1, 2024. Assume that the bonds are purchased at face value Decenter 12,2024 Purehased TPsG Corporation bonds for $12 mi11ion. December 13, 2024 Purchased 2 million shares of Perry Intercommaications comen stoek for $22 million. Amorican foes not have nignificant influence over Ferry's operations or policies. December 15,2024 Sold the FFGG Corporation bonds for $12.1 million. December 22, 2024 Purehased U.S. Freasury bilis for $56 million and Freasury bonda for $65mill1. December 23, 2024 Sold ball the shares of Ferry Intercomanications common stock for $10 nillion. Deconber 26,2024 Sold the U.\$. Treasury bills tor \$57.5 million. Decenber 27,2024 Sold the Treasury bonde for $63 millios. Decenber 28,2024 Received cash dividends of $200,000 froe the Forry Intercoomunications conmon atock shares. Decenber 31, 2024 Hecorded any necessary adjusting entry relating to the ronaining invostment. The market price of the Perry Intercoemunicationa stoek was $10 per share. Innuary 2, 2025 sold the renaining Ferry Intercoamanications comon stock shares for $10.2=111 ion. Janary 5, 2025 purekased Warehouse Desfgrs Corporation bonds for $34 million. Required: 1. Prepare the appropriate journal entry for each transaction or event during 2024 including any year-end adjusting entries. 2. Indicate any amounts that American would report in its 2024 balance sheet and income statement as a result of these investments: Ignore income taxes. 3. Prepare the appropriate journal entry for each transaction or event during 2025. Journal entry worksheet Record the entry to adjust to fair value the investment in Ferry Intercommunications common shares on the date of sale. Note: Enter debits before credits. Indicate any amounts that American would report in its 2024 balance sheet and income statement as a result of these investments. Ignore income taxes. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). Prepare the appropriate journal entry for each transaction or event during 2024 including any year-end adjusting entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 5857813 Record the purchase of FF\&G Corporation bonds for $12 million. Note: Enter debits before credits